SoftBank planted US$ 100 million to 99 Taxi

Tinuku ~ SoftBank invested US$100 million for 99 Taxis. 99 is a Brazilian startup that became a Uber competitor in South America has gained new power, SoftBank will become a minority holder after the transaction when Peter Fernandez, chief executive of 99, went to Tokyo and met SoftBank founder Masayoshi Son.

Tinuku SoftBank planted US$ 100 million to 99 Taxis

This investment is a rare deal in Brazil amid political upheaval. The country's president is facing corruption allegations.

Political uncertainty is expected to delay economic recovery after two years of severe recession.

"The political and macroeconomic situation does not affect our discussion, it does not affect the fundamentals of our business, because until the day there are 200 million people still need transportation," Fernandez said.

99 Taxi based in São Paulo was founded by Paulo Veras and colleagues in 2012 focusing on working with taxi drivers.

Fernandez said it plans to use new capital to expand the peer-to-peer offering called 99POP.

Fernandez said the company has more than 200,000 drivers and more than 14 million registered users.

Investors in the previous 99 were Monashees, Riverwood Capital, Qualcomm Ventures and Tiger Global Management.

"The fact that Softbak comes in is a very big deal for this country," Fernandez said.

"Access to capital in South America is very difficult and far more than in the U.S., Asia or Europe," Fernandez said.